Business insurance can come in combination packages and additional policies to cover your property, products, and professional liability.
Malhotra & Assoc. Insurance has a team of business insurance experts trained to select exactly the coverage you need and nothing you don’t. Work with us to create a customized plan designed to account for all of your business liabilities.
Business Owner Policy (BOP)
Business Owner Policies offer combined coverage for property and liability insurance risks for small businesses. The BOP includes business interruption insurance to help cover lost income during a disaster. This also covers the expense of operating from a temporary location.
You can add coverage to a BOP for many things not already specifically listed in the BOP. This can cover things like signs or essential components to your business operation.
When you have vehicles owned by the business and used for business purposes, you should purchase commercial auto insurance. This acts like your personal auto policy, covering you for bodily injury and property damage. The insurance will pay a third party for any damages you caused them, up until the limit of the coverage.
Product liability is a type of coverage essential to any business that produces goods. Your products have the potential to cause harm, presenting a liability. You can protect yourself from that risk and the financial consequences of someone filing a lawsuit for damages by purchasing product liability coverage. This coverage will pay for a third party’s damages caused by your covered products.
Commercial Insurance (Property)
Just like homeowners insurance, you need to protect your place of business. This location is an investment that needs protection, not to mention the inventory and assets stored on the premises. Like home insurance, commercial insurance will cover your building or unit from damages caused by covered events, which can include fire, theft, burst pipes, and vandalism. Commercial coverage pays for the costs to repair or replace your damaged property and can cover equipment breakdown, debris removal, water damage, and more.
If your business offers services, you run the risk of being sued for malpractice if someone were to incur damages as a result of your services. Professional malpractice coverage is important for someone who gives advice, such as an insurance agent, counselor, or therapist. Medical professionals hold medical malpractice insurance for the same reason.
Workers compensation is essential for every business owner. This insurance pays for the medical care of workers injured on the job and replaces some of the workers’ lost wages. Even small businesses need workers compensation, which is usually required if a company has three or more employees.
Homeowners Insurance for Home-Based Businesses
Home-based businesses can use coverage from a homeowners policy to cover their equipment and business-related property. When you sign up for a homeowners insurance policy, you can let your agent know about all of your business property and coverage needs, and your homeowners insurance will be sized to cover both your personal and business property.
Give Malhotra & Assoc. Insurance a Call Today
If you’re ready to find a business insurance policy that meets your coverage needs, reach out to the insurance experts with Malhotra & Assoc. Insurance today!